VOCO Brisbane Hotel Strategy – Hard Refurbishment
194 keys Mercure Brisbane hotel, which is currently under a lease with Accor, would be taken over by the Pro-invest Hotels team in 2021.
Mercure Brisbane would be converted into a full scale upper upscale / lifestyle – voco Brisbane through soft refurbishment.
The Pro-invest team went through an extensive brand selection process after discussion with seven hotel companies.
The Pro-invest team went through a detailed alternative options analysis where all feasible options were considered to make sure a decision is taken in the best interests of the investors.
Asset Details Post CAPEX
Location: Brisbane, QLD, Australia
Brand / Chain Scale: voco / Upscale
Quality Star Rating : 4-star
Rooms / Keys: 194
Food & Beverage: Café Bar
General Facilities: Extensive Meeting & Conference Facilities
Amenity Inclusions: Parking, Gym, Pool
Existing PPE & Structure Related CAPEX : AUD$9 million
Improvement CAPEX: AUD$14 million
Dec 2021 Forecast Valuation Improvement over Total CAPEX and Costs: 19% Improvement
36% ADR Premium
Expected Completion Time: Q3 2021